Dollar to Naira Exchange Rate Today – Black Market and Official CBN Rate
On this page, you will have daily access to how much is dollar to naira exchange rate today for both parallel market (black market) and official CBN exchange rate for 2017. The black market exchange rate for 1 NGN Nigeria to USD $ is also referred to as the parallel market rate.
In order not to get you confused, let’s move to the core of the issue. What is the current CBN official Dollar to Naira exchange rate today? How much is the USD exchange for NGN at the black market? What factors determine the fluctuations in Naira forex rates and how does this affect the common man on the street?
It is important to know the latest naira to dollar exchange rate so you can be rest assured to proceed with a foreign transaction. I have done it countless times. Sometimes I have to go with GTBank with the lowest official exchange rate when making payment online in foreign currency.
So what is Forex? It is a condensed form for Foreign Exchange and refers to the means of making international payments in another country’s currency.
Dollar to Naira Exchange Rate Today Black Market
If we trace the history of the dollar naira exchange rate, we will discover that Naira as a currency continually lost its value over the years. 1 $ was N21.79 in 1999 compared to now that it is exchanging for over N300.
People with dollars of who have means of generating forex are rich men in the Nigeria of today. Comparing the official bank exchange rate to the aboki fx rates or fx mallam rates (parallel market rates) reveals the great disparity that can spell huge riches for these set of investors.
Naira has gained much stability in exchange for the USD over the past few days. The Nigerian currency has also been relatively stable at the inter-bank window exchanging at N306.75 to a dollar.
According to currency traders, the scarcity of dollar is still ongoing. The weekly Forex sales by CBN to BDCs cannot provided the needed structure keep the Naira stability afloat. You don’t need to visit any Bureau De Change ‘market’, because on this page, you can access the current rates on dollar and pounds to Naira foreign exchange.
Many Forex professionals are divided on their opinion of the fate of the dollar Naira exchange forecast for this year. A larger proportion are of the opinion that Naira may depreciate further in the next few months. Even though the Central Bank has injected funds into the Forex market, totaling over $1B, we are yet to see that significant strengthening of the Naira to USD exchange has speculated.
The CBN has continued to supply more and more forex into the market to protect its liquidity, thereby ensuring that forex dealers have enough to soften the effects of high demand on dollar price at the parallel market. The apex bank is however of the opinion that stability has been introduced and dollar hoarders activities minimised so far.
According to the official statement released, people in need of forex for personal and business purposes can readily get forex now. It was reported that at the interbank market, the highest bid recorded was N362 to a dollar, while the lowest bid was only 310 naira to a 1 USD.
Effects of the Low Naira Exchange Value
Nigeria is a consumer economy and we rely solely on proceed from crude oil sales instead of diversifying and improving local manufacturing and agro industries to boost forex generation These are some areas that an average feels the increase in dollar rate.
- Importation Businesses
- Traveling Expenses
- School Fees Payment Abroad
- NSE markets
- SMEs failures and collapse
- General hike in price of goods and services
What Factors Influence How Much is Dollar to Naira Today?
- Lack of Political Stability
- Demand on Dollars from Importation businesses
- Falling price of crude oil at the international market
- Lack a clearcut economic policy
- High taste for anything imported
- Inflation rates
- Increase in Public debt
- Deficits on Current-Accounts
- CBN forex policies
Below is a table showing how much is dollar to naira rate black market rate today and official CBN rate for today. Get others informed, please share this article.
PARALLEL MARKET RATE
WESTERN UNION RECEIVING RATE
MONEY-GRAM RECEIVING RATE
CBN EXCHANGE RATE
Dollar to Naira Exchange Rate Today | Official Bank Rate| Aboki | Parallel Market Rate